Ethereum Price Prediction: BitMine's open interest surpasses 560,000 ETH, long positions re-test the key resistance at $3,780.

Ethereum (ETH) is attempting to break away from a short-term pullback, currently reporting at $3,666 during the Asian session today (25). Crypto Assets management company BitMine (BMNR) announced that its holdings have increased to over 560,000 ETH in the past week, stimulating Ether to advance towards the resistance level of $3,780.

At the same time, BlackRock's iShares Ethereum Trust (ETHA) has surpassed the $10 billion mark, becoming the third fastest ETF in history to reach this milestone.

BitMine's capital scale exceeds 560,000 ETH, with ETHA inflow reaching 10 billion USD

BitMine Immersion Technologies announced on Thursday that its Ether holdings have exceeded $2 billion. The company's capital reserves have grown by more than 700% compared to the $250 million raised through private placements when it started its fund management.

BitMine currently holds 566,776 ETH, becoming the largest holder of ETH. The company's massive purchase has surpassed SharpLink Gaming, which holds 360,807 ETH. Since last week, BitMine has purchased approximately 266,109 ETH, with a total value exceeding 1 billion dollars. This further confirms the company's vision of acquiring up to 5% of the total supply of ETH.

Thomas Lee, Chief Information Officer of Fundstrat and Chairman of the Board of BitMine, stated: "We are successfully achieving our goal of acquiring and staking 5% of the total supply of ETH."

According to SoSoValue data, this move comes just as the one-year anniversary of the U.S. spot Ethereum Exchange-Traded Fund (ETF) trading, with a cumulative net inflow of 8.88 billion USD.

Similarly, Bloomberg analyst Eric Balchunas stated that BlackRock's Ethereum ETF ETHA has also reached a new milestone, becoming the third fastest ETF to hit the $10 billion mark, following the company's IBIT and Fidelity's FBTC products.

ETHA achieved this milestone in just 251 days, while IBIT and FBTC took 34 days and 53 days, respectively. It's worth noting that the product increased its Assets Under Management (AUM) by $5 billion in just 10 days, indicating that despite the poor start of Ethereum products last year, its growth momentum is strong.

Ethereum Price Prediction: ETH Re-tests Key Resistance Level of $3,780

According to data from Coinglass, the futures liquidation amount of Ethereum in the past 24 hours reached $136.15 million. The total liquidation amount for long and short positions was $75.88 million and $60.27 million, respectively.

ETH rebounded from the 20-period exponential moving average (EMA) near the support level of 3,470 USD. After briefly breaking below the resistance level of 3,780 USD on Monday, ETH is currently retesting that resistance level. If ETH holds the resistance level, it is expected to test the key level of 4,100 USD. On the downside, if ETH breaks below 3,470 USD, it may find support at 3,220 USD.

The Relative Strength Index ( RSI ) and the Stochastic Oscillator ( Stoch ) are above neutral levels, but are showing a downward trend after dropping from the overbought region on Monday.

(Source: Trading View)